Bob Contracts to Sell Ben 15 Bales of Hay at $10

question 25

Multiple Choice

Bob contracts to sell Ben 15 bales of hay at $10 per bale.A bale is the accepted commercial unit in hay transactions.Ben accepts only 9 1/5 of the 20 bales.Ben will have to pay _____.

• A) $100
• B) $95
• C) $150
• D) $15

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Definitions:

Additional Slice

Generally refers to an extra portion or piece of something, often used metaphorically to describe an additional amount or increment of a resource or benefit.

Marginal Utility

The extra pleasure or benefit gained from the consumption of an additional unit of a product or service.

Total Utility

The overall satisfaction or benefit received by consuming a particular quantity of goods or services.

Marginal Utility

The change in satisfaction or utility gained by consuming an additional unit of a good or service.